Today, cryptocurrencies are often viewed as assets rather than legitimately. People have invested in them due to the volatile market, which appeals to traders
Like many investments, cryptocurrencies are comparable to traditional stock markets where the involved high risk could potentially yield exceptional rewards to some. The pioneer batch of people who purchased Bitcoin, instead of mining them, were investors who are willing to speculate in this volatile market.
It has been over a decade since Bitcoin’s inception, and the market volatility has since attracted both institutional and everyday retail investors. The total market capitalisation has also grown over the years, which inevitably result in higher liquidity for people who are throwing a significant sum of money into Bitcoin and other cryptocurrencies. Additionally, 2020’s pandemic crisis is also a blessing in disguise for the cryptocurrency market as more people have spent their free time researching the market, looking to own a piece of the revolutionary digital currency of the future.
The prospect of cryptocurrency investing has reached out to the mainstream market as experts from renowned financial institutions even mentioned that everyone should dedicate as much as five percent of their investing portfolios to cryptocurrencies. This fact is fuelled by the growing adoption from multinational companies such as Starbucks, Microsoft and PayPal, who accepts Bitcoin as an alternative form of payment.
Afterall, the price fluctuation of Bitcoin and other cryptocurrency values could also make you a considerable amount of profit over time, if done correctly. Hence, if you have decided to diversify their portfolios by investing in cryptocurrencies, you will be interested to explore various options which could have you onboarded in no time! Thankfully, 2020 has been good for the cryptocurrency market, as more financial institutions have started accepting cryptocurrency trade, or reversed its decision to ban cryptocurrencies. It is now possible to buy Bitcoin with credit card easily through several platforms which facilitate cryptocurrencies.
It is possible to buy Bitcoin with credit card today?
The cryptocurrency market has met numerous hurdles before reaching the stage that we are seeing today. Those who bought cryptocurrencies back in early 2010s faced a lot of difficulties acquiring them. To buy Bitcoin with credit card back then is almost impossible, since major payment processors like Visa and Mastercard have deemed such transactions as illegal. Those who managed to buy Bitcoin with credit card would normally have their transactions reversed. Merchants and sellers of Bitcoins were aware of the problem and refused to accept any trade with those who wished to buy Bitcoin with credit card, since completed Bitcoin transactions are irreversible.
These days, payment processors like Visa and Mastercard have acknowledged the use of Bitcoin and it is getting much easier to buy Bitcoin with credit card. In order to obtain your first Bitcoin or cryptocurrencies, you may go through several online means which accept the notion to “Buy Bitcoin with Credit Card”. Later in this article, we will be sharing a handful of methods for you to buy Bitcoin with credit card safely and securely.
Weighing the Pros and Cons of buying Bitcoin with credit card
Before you start considering the options, it will be good to know the various benefits or disadvantages of buying Bitcoin with credit card. Our team at MyCryptoMixer has summarised the Pros and Cons of buying Bitcoin with credit card for your easy reference:
Pros: It is the easiest method to buy Bitcoin, with credit card
For starters, buying Bitcoin with credit card is a no-brainer, since most people are already aware of how to make a purchase online using credit or debit cards. Thus, this straightforward approach to buy Bitcoin with credit card is highly recommended for less technical buyers.
Depending on your credit card, you can still be rewarded with your credit card benefits if you buy Bitcoin with credit card. Fancy air miles or cashback privileges? Check with your credit card company to know which card continues to give you the usual benefits when you buy Bitcoin with credit card.
It is ideal for small-time buyers of Bitcoins, since most credit cards do set a limit to how much you can spend for cryptocurrency-related purchases.
Cons: Risks involved when you buy Bitcoin with credit card
Since we need to look online for the legitimate sites to buy Bitcoin with credit card, there is a chance where you may come across spoof sites or ‘fake exchanges’ that are created to steal your money and even credit card information. Thus, if you are adventurous and want to look for an alternative platform via the search engine. Do think twice about it and ensure that you have performed sufficient Due Diligence checks before deciding to link your credit card with the site.
There is a famous saying in the crypto space, “Not your wallet, not your crypto”. Throughout the years, there are many crypto-based platforms which were hacked, resulting in the loss of their customers’ crypto funds. This could happen to any centralised exchanges. So, it will be crucial for you to store your cryptocurrencies in a wallet that you own.
It's hard to buy large amounts of bitcoins with a credit card. Not to mention the high service fee charged to every transaction made with the credit card.
What is the minimum amount that I can buy Bitcoin with credit card?
In general, it is possible to buy less than 1 Bitcoin on any platform. Unlike fiat currencies, each Bitcoin is divisible to the 8th decimal place. Thus, you can purchase anywhere from 0.00000001 BTC (or 1 Satoshi) if the platform allows. But given our experience, almost every platform requires you to make a minimum level of purchase as they do charge a minimal fee to each Bitcoin transaction.
So, if you are ready to buy Bitcoin with credit card, read on as MyCryptoMixer sums up two methods to fulfill your first buy order of your Bitcoin.
Buy Bitcoin with credit card via exchanges
Bitcoin.org have compiled a list of reputable Bitcoin exchanges where you can buy Bitcoin from your country of residence. Of which, we are recommending Binance, Coinbase and Bittrex as the go-to exchange to buy Bitcoin with credit card.
Binance is the leading global cryptocurrency exchange, with one of the highest liquidity in the market. Users of Binance can simply buy Bitcoin with credit card in the exchange through Simplex, a fully licensed and regulated electronic money institution in the EU that has offered fiat-to-crypto payment processing services to over 130 cryptocurrency ecosystem leaders. Once you have bought your BTC, you can exchange to hundreds of other cryptocurrencies listed on the platform.
Meanwhile, Bittrex is one of the oldest and most reputable cryptocurrency exchange which is know to be one of the few exchanges which has taken a stance against accepting payments for the listing of a token. Instead, tokens are listed based on merit and quality of the project. This is an important fact to know especially if you do intend to invest in high-risk cryptocurrencies (or Altcoins). Similar to Binance, you can exchange your BTC to hundreds of other cryptocurrencies on Bittrex.
Backed by trusted investors, Coinbase is the world’s largest BTC broker and its exchange also allows you to buy bitcoin with credit card.
Buy Bitcoin with credit card via intermediaries
If you are looking to buy Bitcoin with credit card for a long term hold, then it will make sense to buy from entities that solely offer the buy and sell features. One of them is Coinmama, a platform that allows you to buy Bitcoin with credit card or wire transfer. With over 2 million users worldwide, it is a trusted platform to get your hands on your first Bitcoin. However, it does not offer a Bitcoin wallet for you to store your tokens. Hence, you will need a Bitcoin wallet when you buy Bitcoin with a credit card on Coinmama. Alternatively, Crypto.com is a cryptocurrency payment wallet platform which allows you to buy Bitcoin with credit card, directly from its app. One interesting thing about crypto.com is that it do offer a physical Visa-backed debit card, which you can also use to convert your crypto to fiat money for everyday purchases, and earn rewards from the app.
How to buy Bitcoin anonymously with a credit card?
All of the above recommendations are ways in which you can buy Bitcoin with credit card. However, none of those offer privacy features since you are supposed to declare your actual identity before you can start using them. Added to the fact that all transactions on most blockchains are traceable and can be easily seen by anyone who has your Bitcoin address.
Hence, if you are looking to find a way on how to buy Bitcoin anonymously with a credit card, you can utilise the Bitcoin mixing service to obfuscate your Bitcoin transactions completely. To achieve full anonymity after you buy Bitcoin with credit card from an exchange or intermediary platform, make full use of Bitcoin mixers such as MyCryptoMixer and you can technically cut the traces of your transactions, for whoever that may likely track your crypto transaction activities in the future.